Arbeitspapier
Real estate investors, the leverage cycle, and the housing market crisis
We explore a mostly undocumented but important dimension of the housing market crisis: the role played by real estate investors. Using unique credit-report data, we document large increases in the share of purchases, and subsequently delinquencies, by real estate investors. In states that experienced the largest housing booms and busts, at the peak of the market almost half of purchase mortgage originations were associated with investors. In part by apparently misreporting their intentions to occupy the property, investors took on more leverage, contributing to higher rates of default. Our findings have important implications for policies designed to address the consequences and recurrence of housing market bubbles.
- Sprache
-
Englisch
- Erschienen in
-
Series: Staff Report ; No. 514
- Klassifikation
-
Wirtschaft
Banks; Depository Institutions; Micro Finance Institutions; Mortgages
Consumer Protection
Housing Supply and Markets
- Thema
-
mortgages
leverage
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Haughwout, Andrew
Lee, Donghoon
Tracy, Joseph
van der Klaauw, Wilbert
- Ereignis
-
Veröffentlichung
- (wer)
-
Federal Reserve Bank of New York
- (wo)
-
New York, NY
- (wann)
-
2011
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Haughwout, Andrew
- Lee, Donghoon
- Tracy, Joseph
- van der Klaauw, Wilbert
- Federal Reserve Bank of New York
Entstanden
- 2011
Ähnliche Objekte (12)
The Impact of Investor Sentiment on the "Leverage Effect"
Urban leverage and housing price in China
Catalogue of buildings of the WUWA model housing estate
The clash of rural-urban migrants and real estate investors on Phnom Penh's housing market: Prospects for garment workers
Housing real estate economics and finance
Market leverage of real estate firms in India: empirical study
Housing and use of leverage in mental health treatment
The changing position of housing estate neighbourhoods in the Helsinki metropolitan area
Heritage in and of the Housing Crisis: the Case of the Aylesbury Estate
A Concept for Measuring Real Estate Sustainability from the Investors' Perspective
Local solar heating - New housing estate Speyer.
Decomposing industry leverage: The special cases of real estate investment trusts and technology & hardware companies
The Impact of Investor Sentiment on the "Leverage Effect"
Urban leverage and housing price in China
Catalogue of buildings of the WUWA model housing estate
The clash of rural-urban migrants and real estate investors on Phnom Penh's housing market: Prospects for garment workers
Housing real estate economics and finance
Market leverage of real estate firms in India: empirical study
Housing and use of leverage in mental health treatment
The changing position of housing estate neighbourhoods in the Helsinki metropolitan area
Heritage in and of the Housing Crisis: the Case of the Aylesbury Estate
A Concept for Measuring Real Estate Sustainability from the Investors' Perspective
Local solar heating - New housing estate Speyer.
Decomposing industry leverage: The special cases of real estate investment trusts and technology & hardware companies
The Impact of Investor Sentiment on the "Leverage Effect"
Urban leverage and housing price in China
Catalogue of buildings of the WUWA model housing estate
The clash of rural-urban migrants and real estate investors on Phnom Penh's housing market: Prospects for garment workers
Housing real estate economics and finance
Market leverage of real estate firms in India: empirical study
Housing and use of leverage in mental health treatment
The changing position of housing estate neighbourhoods in the Helsinki metropolitan area
Heritage in and of the Housing Crisis: the Case of the Aylesbury Estate
A Concept for Measuring Real Estate Sustainability from the Investors' Perspective
Local solar heating - New housing estate Speyer.